Wednesday, March 16, 2011

'Independent' or 'Interdependent' - which is a better /wiser, rather the 'truthful', concept to choose and adopt?


CAci (16-3-11)
“However, after the scam of Satyam the reliability of Independent Director has came under question. There is lack of commitment, professionalism and clearity of liabilities of Independent Director. They are serving the role of friends of promoters.

The scam of Satyam was really an eye opener for the Government of India. If the concept of Independent Director is to be succeeded, the Government must move forward to break the nexus between the Independent Director and Promoters for that rules should be made and the Independent Director should be appointed by the Central Government of SEBI.”

Comment:
wsrt: the concluding para- Posers/points to ponder: 1. Apart from the 'govt', should not a- 'CS' who has a crucial role to play, and professional obligations/duties to 'discharge', in the conduct of the affairs of a corporate, also 'move forward' and strive and make his individual contribution, in a profoundly independent manner, so as to serve 'the society', to the best of his 'conscience', as is expected of him? 2. How any such suggestion to - make 'rules' or have IDs appointed by CG could at all help or go to 'cut the ice'? 3. Is it not now common knowledge, also commonly admitted premise that, in our times, the most incorrigible/obstinate obstacles faced, coming in the way to 'success' in such matters, are, lack, nay abject absence of- (a) will/commitment to 'comply'; and (b)'utmost sincerity' to implement and/or enforce - on the part of the corporate and the government, respectively??
For more: One may visit, to read stories - Indian Corporate Law Blogs. Sample @: 'Actions Against Independent Directors' (March 11, 2011); Also -

Sunday, March 13, 2011 Actions Against Independent Directors



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